"In one frenzied month Treasury Secretary Henry Paulson and [Fed] chairman Ben Bernanke remade Wall Street. Along the way they may also have recast American politics. A month of historic government interventions shows signs of triggering a political version of climate change--unleashing a new era of class fury that could hurt U.S. companies, business leaders, and wealthy investors for years. 'A potential calamity,' predicts Democratic pollster Doug Schoen. 'If the reactions we're seeing hold, we could have real spasmodic anger directed at businesses and corporations.' ... By contrast, the implosion of Wall Street, followed by Paulson's escalating series of multibillion-dollar rescues, has fired up populist sentiments that were already building in American politics. ... White House spokesman Tony Fratto tried valiantly to get his message out to reporters: 'This is a rescue plan for the American economy,' he insisted. Despite the dire warnings of financial calamity from the White House and a few high-profile business leaders, much of Middle America wasn't buying the story that their own livelihoods were linked to the fate of the rescue package. Instead, average workers read the plan as the 'big guys bailing out their friends,' says former House Speaker Newt Gingrich. ... Morning talk-show hosts like Regis and Kelly shook their heads in disgust. Constituents in rural southern Illinois--a Republican district--phoned in their opposition to Congressman John Shimkus in a ratio of 200 to 1. ... Paulson ... banked on public fear of a financial crash; instead they ran into a fear from lawmakers who had to face down the folks back home angry at having to bail out Wall Street's masters of the universe. ... 'When an economy is overleveraged, it strikes me that investors are eventually going to be seeking a much higher return [from bonds and loans],' says Jared Bernstein, an Obama adivsor and senior economist with the left-leaning Economics Policy Institute. ... Even before this populist eruption over the Wall Street rescue, Middle America was souring on the privileged class. There has been a growing sense in the U.S. that a stagnant tide has kept the 80-foot yachts afloat while beaching the family outboard. ... Obama advisor Jacon Furman has calculated that the rise in the income of the top 1% of earners, set against the drop in income by the bottom 80%, is the equivalent of a shift of $885 billion a year. ... Former Arkansas Governor Mike Huckabee ... [said] 'I'm disappointed and disgusted with my own Republican Party as I watch them attempt to strong-arm a bailout of some of America's biggest corporations by asking taxpayers to suck up the staggering results of the hubris, greed, and arrogance of those who sought to make a quick buck by throwing the dice.' ... Gingrich argues that the rise in American populism is not a revolt against business alone but a revolt against all elites, including government and media elites. In his mind this is the age of the populist Andrew Jackson, not the socialist Eugene Debs. ... By this thinking, Wall Street veteran Paulson tocuhed off a populist revolt not only in the substance of what he proposed but also in the style in which he proposed it", Nina Easton at Fortune, 13 October 2008.
Unlike BS, I am not surprised at all. Read my 2 October 2008 post citing Vox Day. Unlike BS, I don't wonder "whose side government is on". It's been obvious for years. BS refers to an "axis"; is it the US answer to the "axis of evil"? Yes, "there is revolution in the air". One can almost smell the cordite. "Nero" Bush fiddles while his Republican constituency is sacrificed "on a cross of paper" to bail out the banks. Henry Paulson (HP), "formerly" of Goldman Sachs (GSG) will "understand the terror" if an American Robespierre appears on Wall Street with a few dozen stout ropes and horses, and HP sees peoples' Justice dispensed. The peasants contempt for the HP regime may soon equal HP's contempt for the peasants.